The investigation into the $101 million cyber heist from Bangladesh Bank's account at the New York Federal Reserve in February 2016 continues, with the final report now due by December 31, 2023. This new deadline was set by Metropolitan Magistrate Rajesh Chowdhury after Raihan Uddin Khan, additional superintendent of police and the investigating officer, failed to submit a report by the previously set deadline of November 9, Today.
Cybercriminals infiltrated Bangladesh Bank's system on February 4, 2016, generating 70 fake payment orders amounting to $1.94 billion targeted at the Federal Reserve Bank of New York. Despite safeguards, five transactions worth $101 million were processed and embezzled from the bank's account. A significant portion of these stolen funds, $81 million, was laundered via Rizal Commercial Banking Corporation (RCBC) into Philippine casinos.
Zobayer Bin Huda, Joint Director of Accounts and Budgeting Department at Bangladesh Bank, registered a case under the Money Laundering Prevention Act related to the heist at Motijheel Police Station on March 15, 2016. In a subsequent move on March 22, Metropolitan Magistrate Md Mahbubur Rahman sanctioned the Criminal Investigation Department's (CID) request for forensic tests on three hard disks from Bangladesh Bank computers.
The investigation has stretched over seven years and required 75 dates. Despite these efforts, only $35 million has been recovered so far. This includes $15 million recouped from RCBC and another $20 million from a Sri Lankan bank.
In an attempt to recover more of the stolen funds, Bangladesh Bank filed a lawsuit against RCBC in a US court on February 1, 2022. The aim of this lawsuit was to recover approximately $66 million.
The extended deadline marks the latest development in a prolonged saga that has seen multiple failed deadlines and extensive investigative efforts. The outcome of this investigation will be keenly watched by international banking institutions and cybersecurity experts alike.
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